SFAC No.1 focuses on:
A)Objectives of financial reporting.
B)Qualitative characteristics of accounting information.
C)Recognition and measurement concepts in accounting.
D)Elements of financial statements.

Question

Quizplus · Accepted Answer

SFAC No.1 focuses on the objectives of financial reporting, which include providing information that is useful to investors, creditors, and other users of financial statements in making decisions about the allocation of resources.

Answer: B 
 While SFAC No.1 does discuss the qualitative characteristics of accounting information, this is not its primary focus.

Answer: C 
 While SFAC No.1 does discuss recognition and measurement concepts in accounting, this is not its primary focus.

Answer: D 
 While SFAC No.1 does discuss the elements of financial statements, this is not its primary focus.

SFAC No.1 Focuses On